Bitcoin in an attempt to hold above the $68500 level

Bitcoin chart analysis

During the weekend, Bitcoin’s price was in the $68,500-$69,500 range. On Sunday, we observed short-term instability and a pullback to the $68150 level. This level coincided with the EMA200 moving average, a key technical indicator. Despite this, the price managed to hold above it. Today’s market conditions mirror yesterday’s, as we continue to strive to stay above the EMA200. 

This morning, we witnessed a promising bullish attempt, which was halted at the $69250 level. This propelled us to the $68300 support level. Here, we are testing the weekly open price and making a slight recovery to the $68700 level. A single strong push to $69250 could break the EMA50 moving average, providing a solid foundation for a more substantial bullish consolidation.

Do we go back above $7000 this week if Bitcoin consolidates above $68500?

Looking ahead, potential higher targets for Bitcoin’s price are the $69500 and $69750 levels. Achieving these levels would signify a break above the weekend resistance and a strengthening of the bullish side, bringing us closer to the $70,000 mark. However, a bearish option is also possible if we experience a negative consolidation and a pullback to $68000. This would take us below the weekly open price and the EMA200 moving average. 

This scenario would intensify the pressure on Bitcoin to seek out a new support level. Potential lower targets are the $67,750 and $67,500 levels, which would lead us back to the support zone of the previous week.

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